New Delhi, Feb. 20 -- Indian public sector hydropower company NHPC share price rallied over 5 per cent on Thursday's trading session after brokerage firm CLSA upgraded the share to 'high conviction outperform'. Previously, the firm had already assigned an "outperform" rating to the stock.

CLSA has set a price target of Rs.117 for the stock, slightly reduced from its previous target of Rs.120.

The brokerage anticipates NHPC shares to double within the next four years, highlighting that the recent 25 per cent decline over the past six months presents an attractive buying opportunity for investors.

According to CLSA, the commencement of the Parbati 2 Hydro Project led to a 27% increase in regulated equity during the first quarter of the f...